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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $50,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, Jul 26, 2014
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$44,575$624,053
2$927,165$231,791$46,358$649,016
3$964,252$241,063$48,213$674,976
4$1,002,822$250,705$50,141$701,975
5$1,042,935$260,734$52,147$730,054
6$1,084,652$271,163$54,233$759,256
7$1,128,038$282,010$56,402$789,627
8$1,173,160$293,290$58,658$821,212
9$1,220,086$305,022$61,004$854,060
10$1,268,890$317,222$63,444$888,223
11$1,319,645$329,911$65,982$923,752
12$1,372,431$343,108$68,622$960,702
13$1,427,328$356,832$71,366$999,130
14$1,484,421$371,105$74,221$1,039,095
15$1,543,798$385,950$77,190$1,080,659
16$1,605,550$401,388$80,278$1,123,885
17$1,669,772$417,443$83,489$1,168,840
18$1,736,563$434,141$86,828$1,215,594
19$1,806,025$451,506$90,301$1,264,218
20$1,878,266$469,567$93,913$1,314,787
21$1,953,397$488,349$97,670$1,367,378
22$2,031,533$507,883$101,577$1,422,073
23$2,112,794$528,199$105,640$1,478,956
24$2,197,306$549,327$109,865$1,538,114
25$2,285,198$571,300$114,260$1,599,639
26$2,376,606$594,152$118,830$1,663,624
27$2,471,671$617,918$123,584$1,730,169
28$2,570,537$642,634$128,527$1,799,376
29$2,673,359$668,340$133,668$1,871,351
30$2,780,293$695,073$139,015$1,946,205
Total$50,000,000$12,500,000$2,500,000$35,000,000
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